Too Much Information – an online comic
An old house, a geek, a cute transvestite, a very tall lesbian, and at least one ghost–what could happen? – Adult situations and artistic nudity. Not suitable for children.
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But it won’t bump up your taxes for two reasons. A) the limit for taxes on gifts is $10,000 per year, per person, which means this falls under the limit and won’t trigger taxes. It *will* raise a flag if the money is transferred all at once as the Government notes any transactions over $5000, especially if done in cash. B) the recipient of the gift is not responsible for the taxes , the giver is. Not that the IRS will fail to come after the recipient to collect, but you ar least should have an argument to get your money back. (For the record, I am not a tax attorney and before accepting my statements here as gospel, I strongly recommend you talk to someone trained in *current* tax law. Turkeys change things periodically.)
There may be variations based on location. For instance, MY local tax law has a clause that gifted money over $6000 within a single year must be counted as income (and therefor taxable).
You are correct, I should have specified that I was talking about USA Federal taxes. State Tax law and other countries will be a totally different situation. Another good reason to double check with an expert.